|
Career
Education Corporation
|
|
|||||||||||||||||||||||||||||||||||||||
|
Reconciliation
of Segment Reporting
|
||||||||||||||||||||||||||||||||||||||||
|
For
the Year Ended December 31, 2007
|
||||||||||||||||||||||||||||||||||||||||
|
Unaudited
|
||||||||||||||||||||||||||||||||||||||||
|
(in
thousands)
|
||||||||||||||||||||||||||||||||||||||||
|
Revenue
|
University
|
Culinary
|
Health
|
Art
& Design
|
Transitional
|
International
|
Colleges
|
Academy
|
Corporate
|
Total
|
||||||||||||||||||||||||||||||
|
As
Reported
|
$ |
682,750
|
$ |
365,789
|
$ |
189,017
|
$ |
-
|
$ |
-
|
$ |
81,907
|
$ |
184,355
|
$ |
170,917
|
$ |
147
|
$ |
1,674,882
|
||||||||||||||||||||
|
Creation
of Art & Design (1)
|
-
|
-
|
-
|
275,392
|
-
|
-
|
(134,474 | ) | (140,918 | ) |
-
|
-
|
||||||||||||||||||||||||||||
|
Creation
of Transitional (2)
|
(16,066 | ) |
-
|
(271 | ) |
-
|
59,262
|
-
|
(12,926 | ) | (29,999 | ) |
-
|
-
|
||||||||||||||||||||||||||
|
Realign
two of the schools previously held for sale into Health (3)
|
-
|
-
|
17,954
|
-
|
-
|
-
|
-
|
-
|
-
|
17,954
|
||||||||||||||||||||||||||||||
|
Teach-out
nine of the schools previously held for sale
(4)
|
-
|
-
|
-
|
-
|
102,898
|
-
|
-
|
-
|
-
|
102,898
|
||||||||||||||||||||||||||||||
|
Realign
Briarcliffe into University
|
36,955
|
-
|
-
|
-
|
-
|
-
|
(36,955 | ) |
-
|
-
|
-
|
|||||||||||||||||||||||||||||
|
As
Revised
|
$ |
703,639
|
$ |
365,789
|
$ |
206,700
|
$ |
275,392
|
$ |
162,160
|
$ |
81,907
|
$ |
-
|
$ |
-
|
$ |
147
|
$ |
1,795,734
|
||||||||||||||||||||
|
Operating
Profit
|
University
|
Culinary
|
Health
|
Art
& Design
|
Transitional
|
International
|
Colleges
|
Academy
|
Corporate
|
Total
|
||||||||||||||||||||||||||||||
|
As
Reported
|
$ |
91,342
|
$ |
49,133
|
$ |
6,980
|
$ |
-
|
$ |
-
|
$ |
13,024
|
$ |
9,001
|
$ |
3,390
|
$ | (52,452 | ) | $ |
120,418
|
|||||||||||||||||||
|
Creation
of Art & Design (1)
|
-
|
-
|
-
|
32,499
|
-
|
-
|
(19,212 | ) | (13,287 | ) |
-
|
-
|
||||||||||||||||||||||||||||
|
Creation
of Transitional (2)
|
10,914
|
-
|
991
|
-
|
(32,128 | ) |
-
|
10,326
|
9,897
|
-
|
-
|
|||||||||||||||||||||||||||||
|
Realign
two of the schools previously held for sale into Health (3)
|
-
|
-
|
(1,546 | ) |
-
|
-
|
-
|
-
|
-
|
-
|
(1,546 | ) | ||||||||||||||||||||||||||||
|
Teach-out
nine of the schools previously held for sale
(4)
|
-
|
-
|
-
|
-
|
(53,962 | ) |
-
|
-
|
-
|
-
|
(53,962 | ) | ||||||||||||||||||||||||||||
|
Realign
Briarcliffe into University
|
115
|
-
|
-
|
-
|
-
|
-
|
(115 | ) |
-
|
-
|
-
|
|||||||||||||||||||||||||||||
|
As
Revised
|
$ |
102,371
|
$ |
49,133
|
$ |
6,425
|
$ |
32,499
|
$ | (86,090 | ) | $ |
13,024
|
$ |
-
|
$ |
-
|
$ | (52,452 | ) | $ |
64,910
|
||||||||||||||||||
|
(1) Schools
previously organized within Academy and Colleges have been realigned
to
form the Art & Design reporting segment. This excludes the
schools within Academy and Colleges which are being taught
out.
|
||||||||||||||||||||||||||||||||||||||||
|
(2) Comprised
of all schools currently being taught out, including: Brooks,
Sunnyvale, CA; Brooks, Long Beach, CA; IADT - Pittsburgh, PA; IADT
-
Toronto and SBI - Springfield, MA.
|
||||||||||||||||||||||||||||||||||||||||
|
(3)
Comprised of Gibbs - Melville, NY and Gibbs - Vienna, VA which
were
previously held for sale which are being realigned within the Health
reporting segment.
|
||||||||||||||||||||||||||||||||||||||||
|
(4)
Nine schools previously held for sale that are being taught out,
include: McIntosh College; Lehigh Valley College; Gibbs - New York,
NY; Gibbs - Norwalk, CT; Gibbs - Norristown, PA; Gibbs - Piscataway,
NJ;
Gibbs - Boston, MA; Gibbs -
Livingston, NJ and Gibbs - Cranston, RI.
|
||||||||||||||||||||||||||||||||||||||||
|
Career
Education Corporation
|
||||||||||||||||||||
|
Recast
Quarterly Segment Reporting
|
||||||||||||||||||||
|
For
the Year Ended December 31, 2007
|
||||||||||||||||||||
|
Unaudited
|
||||||||||||||||||||
|
(in
thousands)
|
||||||||||||||||||||
|
Revenue
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
Full
Year
|
|||||||||||||||
|
University
|
$ |
185,845
|
$ |
178,579
|
$ |
166,322
|
$ |
172,893
|
$ |
703,639
|
||||||||||
|
Culinary
|
88,697
|
84,574
|
98,472
|
94,046
|
365,789
|
|||||||||||||||
|
Art
& Design
|
69,633
|
64,245
|
68,450
|
73,064
|
275,392
|
|||||||||||||||
|
Health
|
49,365
|
51,088
|
51,916
|
54,331
|
206,700
|
|||||||||||||||
|
International
|
21,900
|
16,531
|
10,891
|
32,585
|
81,907
|
|||||||||||||||
|
Transitional
|
44,852
|
39,891
|
37,076
|
40,341
|
162,160
|
|||||||||||||||
|
Corporate
& Other
|
125
|
11
|
3
|
8
|
147
|
|||||||||||||||
| Total revenue | $ |
460,417
|
$ |
434,919
|
$ |
433,130
|
$ |
467,268
|
$ |
1,795,734
|
||||||||||
|
Operating
Profit
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
Full
Year
|
|||||||||||||||
|
University
|
$ |
34,089
|
$ |
24,915
|
$ |
16,899
|
$ |
26,468
|
$ |
102,371
|
||||||||||
|
Culinary
|
11,424
|
7,131
|
15,566
|
15,012
|
49,133
|
|||||||||||||||
|
Art
& Design
|
9,711
|
565
|
8,281
|
13,942
|
32,499
|
|||||||||||||||
|
Health
|
3,628
|
2,856
|
2,578
|
(2,637 | ) |
6,425
|
||||||||||||||
|
International
|
6,207
|
424
|
(3,054 | ) |
9,447
|
13,024
|
||||||||||||||
|
Transitional
|
(7,754 | ) | (22,339 | ) | (10,117 | ) | (45,880 | ) | (86,090 | ) | ||||||||||
|
Corporate
& Other
|
(16,190 | ) | (10,744 | ) | (12,508 | ) | (13,010 | ) | (52,452 | ) | ||||||||||
| Total operating profit | $ |
41,115
|
$ |
2,808
|
$ |
17,645
|
$ |
3,342
|
$ |
64,910
|
||||||||||